New York investing $5 million in upstate technology startups

Associated Press

New York has given $5 million to three upstate financial firms who agree to invest the money in new technology start-ups.

Gov. Andrew Cuomo said Thursday that the state's contribution will be matched with $5 million in private funds.

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The three firms are Excell Partners LLC of Rochester, SCP Buffalo Incubator of Buffalo and CenterState Corporation for Economic Opportunity in Syracuse. Each was selected based on their experience and investment strategy.

The funding is part of a $50 million state venture capital fund initiative that aims to turn technology research and development into marketable products and businesses.

Investments in New York City, Long Island and the mid-Hudson Valley are set to be announced soon.

Cuomo, a Democrat, has proposed doubling the size of the venture capital fund to $100 million.